* § 97-rrr. Debt reduction reserve fund. 1. There is hereby\nestablished in the joint custody of the comptroller and the commissioner\nof taxation and finance a fund to be known as the debt reduction reserve\nfund. Such fund shall be established as a capital projects fund.\n 2. Such fund shall consist of all monies credited or transferred\nthereto from the general fund or from any other fund or sources pursuant\nto law.\n 3. The monies in such fund, following appropriation by the legislature\nand allocation by the director of the budget, shall be available for the\nfollowing purposes:\n (a) for the payment of principal, interest, and related expenses on\ngeneral obligation bonds, lease purchase payments, or special\ncontractual obligation payments, or for the purposes of retiring or\ndefeasing bonds previously issued, including any accrued interest\nthereon, for any state-supported bonding program or programs, and;\n (b) for the funding of capital projects, equipment acquisitions, or\nsimilar expenses which have been authorized by law to be financed\nthrough the issuance of bonds, notes, or other obligations.\n 4. Any amounts disbursed from such fund shall be excluded from the\ncalculation of annual spending growth in state operating funds until\nJune 30, 2019.\n * NB There are 2 § 97-rrr's\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.